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Electric Off-Road Vehicles Market Size

Report ID: GMI5050
Published Date: Mar 2023
Report Format: PDF

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Electric Off-Road Vehicles Market Size

Electric Off-Road Vehicle Market size surpassed USD 100 million in 2022 and is anticipated to grow at 12% CAGR from 2023 to 2032 driven by increasing spending by OEMs towards new product innovations.

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With tightening emission guidelines restricting the capabilities of ICE-powered vehicles, many industry players are making notable investments towards the electrification of their off-road models through R&D. Citing an instance, in January 2023, Okinawa Autotech, an Indian electric two-wheeler manufacturer, inked a new joint venture with TACITA S.r.l, an Italian manufacturer of electric off-road vehicles, to establish its first R&D centre in Italy. The facility will focus on novel product innovations and the creation of a brand-new e-powertrain that supports the next generation of e-vehicles.

Electric Off-Road Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Electric Off-Road Vehicle Market Size in 2022:	USD 100 million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	12%
2032 Value Projection:	USD 400 million
Historical Data for:	2018 to 2022
No. of Pages:	150
Tables, Charts & Figures:	245
Segments covered:	Vehicle, Application
Growth Drivers:	Growing participation in off-road recreational activities in North America Emergence of new players in the electric-off road vehicles industry in Europe Rising awareness related to adoption of electric vehicles in Asia Pacific Positive outlook of the tourism industry in Latin America and MEA Growing investments by OEMs in new product development
Pitfalls & Challenges:	Safety concerns related to off-road vehicles

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric off-road vehicle surpassed USD 100 million and is anticipated to grow at 12% CAGR from 2023 to 2032, on account of growing investments by OEMs towards new product innovations.

The electric off-road vehicle industry from the off-road motorcycle segment is poised to cross a valuation of USD 90 million by 2032, owing to increasing consumer shift towards electric dirt bikes.

The North America electric off-road vehicle industry size was valued at USD 50 million in 2022, driven by rising inclination of people towards recreational activities and the region is likely to emerge as a key growth hub.

The major participants in the electric off-road vehicle competitive landscape include names such as Vanderhall Motorworks, KTM AG, Polaris Inc, Volcon, John Deere, and TACITA S.r.l, among others.